Required information [The following information applies to the questions displayed below.) At the beginning of Year 1, Copland Drugstore purchased a new computer system for 155,000. It is expected to have a five-year life and a $25,000 salvage value. c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No Date General Journal Credit Debit 26,000 1 Yr. 1 Depreciation expense Accumulated depreciation 26,000 (2) Double-declining-balance depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Credit Date Yr. 1 General Journal Depreciation expense Accumulated depreciation Debit 26,000 26,000 X Yr. 2 26,000 Depreciation expense Accumulated depreciation Yr. 5 26,000 X Depreciation expense Accumulated depreciation 26,000 X